You have answered your own question. When more debt was needed...

You have answered your own question. When more debt was needed and Ford would not share its security, the Bank syndicate with a much larger facility appeared the only way forward so Ford could be repaid as well as finance the extra requirement. The LTR share price was under pressure as lithium prices fell, and a capital raising would have been seriously dilutive for our great project and shareholders.

The company explored the LGES partnership in parallel with the bank deal but kept it confidential. LGES visited the project, liked what they saw, and then I expect the one condition LGES had was practical completion of Kathleen Valley. The first bank deal was scuttled by the required covenants when lithium price forecasts went south, and a shorter term bank deal was hastily arranged. The latter deal to which banks had committed, had a bullet repayment (full repayment or refinance) only 15months after production was to commence (an unacceptable risk imo). It is clear that LGES convertible note deal with its favourable terms was superior and then implemented at project completion.

The rest is history and our management had completed another master stroke on behalf of shareholders.

regards
DF